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FOR IMMEDIATE RELEASE
International Reports Third Quarter Results and Affirms
Earnings and Free Cash Flow Outlook for 2018
LIVONIA, Mich., Oct. 29, 2018 – Tower International, Inc. [NYSE: TOWR], a leading global manufacturer of engineered automotive structural metal components and assemblies, today announced third quarter 2018 results and affirmed its earnings and free cash flow outlook for 2018.
|·||Revenue for the third quarter was $525 million compared with $462 million in the third quarter of 2017 representing a 14 percent increase.|
|·||Net income was $22.6 million or $1.07 per share increasing from $14.9 million or $0.72 per share in the third quarter last year. As detailed below, this year’s third quarter included certain items that, in aggregate, decreased results by $117 thousand. Excluding these items and comparable items in the third quarter of 2017, adjusted earnings per share amounted to $1.08, an increase of 27 percent from the $0.85 reported a year ago.|
|·||Adjusted EBITDA for the quarter was $57.1 million in-line with the Company’s outlook and up 18 percent from $48.5 million a year ago.|
|·||For the quarter, net cash provided by continuing operating activities was $43 million. Cash disbursed for purchases of equipment totaled $25 million resulting in Free Cash Flow of $18 million.|
|·||Full year 2018 outlook includes:|
|o||Revenue of $2.17 billion, reflecting primarily net new business of $125 million, favorable foreign exchange and higher steel prices;|
|o||Adjusted EBITDA of $230 million;|
|o||Diluted Adjusted EPS is increased by 10 cents to $4.20 per share; and|
|o||Free Cash Flow is maintained at $50 million.|
|·||The Company’s outlook for fourth quarter 2018 includes revenue of $526 million, Adjusted EBITDA of $61.6 million and Diluted Adjusted Earnings Per Share of $1.20.|
“We remain balanced in our approach to capital allocation, remaining focused on growing profitably, reducing leverage – as evidenced by our $50 million pay-down of Term Loan debt, and returning capital to shareholders – as evidenced by our recent increase of our quarterly dividend,” said CEO Jim Gouin. “Tower delivered solid financial results in the third quarter, growing revenue organically well in excess of the overall auto market and expanding Adjusted EBITDA margins. Revenue for the quarter increased 14 percent as Tower continues to benefit from the secular trends of outsourcing and a continued production mix shift from cars to trucks and SUVs. Tower’s North American revenue continued to significantly outpace the market, growing by 20 percent from a year ago.”
The following information was filed by Tower International, Inc. (TOWR) on Monday, October 29, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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